Bike Exchange Optimises costs during June quarter
- Bike Exchange (BEX) focuses its operations on optimising its cost expenditure during the June quarter, as it works to achieve profitability during FY24
- The company records 52 per cent higher cash outflows from the previous quarter of $4.7 million
- BikeExchange sees continued growth in Europe, with North American operations delivering a 305 per cent revenue increase
- The company finishes the quarter with $4.89 million in cash and cash equivalents and expects to save over $5.5 million from restructuring the business
- Shares are trading 9.52 per cent higher today at 2.3 cents each at 3:26 pm AEST
